Silicon Motion Technology (NASDAQ:SIMO) Price Target Raised to $90.00

Key Points

• Silicon Motion Technology's price target has been raised to $90.00 by Needham & Company, indicating a potential upside of 17.59% from its current price.
• Multiple research firms including Susquehanna and Bank of America have confirmed a target price of $90.00 and maintained a "buy" rating on the stock, highlighting increasing analyst confidence.
• In its latest quarterly earnings, Silicon Motion reported an EPS of $0.69, exceeding estimates and indicating strong revenue performance at $198.68 million, despite a year-over-year revenue decline.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) had its price objective lifted by Needham & Company LLC from $65.00 to $90.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the semiconductor producer's stock. Needham & Company LLC's target price would indicate a potential upside of 17.59% from the company's current price.

Several other research firms have also recently weighed in on SIMO. Susquehanna increased their price target on shares of Silicon Motion Technology from $80.00 to $90.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Wedbush restated an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. Citigroup raised shares of Silicon Motion Technology to a "buy" rating in a research note on Wednesday, June 18th. Craig Hallum raised their price target on shares of Silicon Motion Technology from $70.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Bank of America raised shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 target price for the company in a research note on Wednesday, June 18th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.22.

Silicon Motion Technology Stock Performance

Shares of SIMO stock opened at $76.54 on Thursday. The firm's 50-day moving average is $70.62 and its 200-day moving average is $58.27. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 32.30, a PEG ratio of 12.39 and a beta of 0.85. Silicon Motion Technology has a 52-week low of $37.21 and a 52-week high of $85.11.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.15. The firm had revenue of $198.68 million for the quarter, compared to analysts' expectations of $180.40 million. Silicon Motion Technology had a net margin of 10.36% and a return on equity of 10.15%. The business's revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.96 EPS. Sell-side analysts predict that Silicon Motion Technology will post 3.08 EPS for the current fiscal year.

Institutional Trading of Silicon Motion Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its position in shares of Silicon Motion Technology by 118.3% in the second quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer's stock valued at $73,000 after purchasing an additional 529 shares during the period. Parallel Advisors LLC raised its position in shares of Silicon Motion Technology by 61.8% in the first quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock valued at $58,000 after purchasing an additional 440 shares during the period. Menard Financial Group LLC bought a new stake in shares of Silicon Motion Technology in the fourth quarter valued at approximately $88,000. Signaturefd LLC raised its position in shares of Silicon Motion Technology by 79.3% in the first quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock valued at $84,000 after purchasing an additional 736 shares during the period. Finally, Blue Trust Inc. raised its position in shares of Silicon Motion Technology by 53.3% in the second quarter. Blue Trust Inc. now owns 2,026 shares of the semiconductor producer's stock valued at $152,000 after purchasing an additional 704 shares during the period. Institutional investors own 78.02% of the company's stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.

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